Best Buy and Sonic sign CinemaNow deal

Best Buy and Sonic Solutions, the owner of the popular Roxio CinemaNow movie service have signed a deal today that will see the giant retailer begin selling Sonic's services.

Says the WSJ: "Sonic said in a federal filing it had issued warrants to purchase 668,711 of its common shares for $100,000. The warrants vest over a two-year period and then Best Buy will be able to buy the shares at $4.98."

Best Buy will begin selling devices with CinemaNow in-store, including DVD drives and computers.
"Our relationship with Sonic Solutions allows Best Buy to quickly establish a strong position in the digital delivery of video entertainment," adds Best Buy CEO Brian Dunn.